Bitcoin and XRP Price Prediction as Democrats Sweep Congress in Historic Win – Rally or Crash Ahead?

Bitcoin (BTC) and Ripple (XRP) prices are up slightly today, November 4, after the polls closed on the US midterm elections. Data from CoinMarketCap also shows that all of the top ten biggest cryptos by market cap besides Tron (TRX) were trading in the green.

The Democratic Party has won the majority in  both the US House and the Senate per the early election results.

The focus is now on the crypto market after spending heavily to back various candidates. Meanwhile, Grayscale says that the crypto market will continue to move forward despite the election outcome.

Bitcoin, XRP, and Crypto Prices Hold Steady Amid Democratic Win

The crypto industry spent more than $300 million backing crypto-friendly candidates in the midterm elections. Some of the top donors in the election include the Winklevoss twins, Coinbase, and Ripple.

The Fairshake PAC had also spent $30 million in advertising campaigns against Ohio Senator Sherrod Brown. However, Brown is now among the Democrat Senators who have won their seats.

The early results show the Democratic Party has gained seven seats to win 54 seats in the Senate, while Republicans have won 43 seats.

Despite this Democrat win, Bitcoin and XRP prices are holding steady. BTC price has reclaimed the support at $78,000, while XRP price was up by 1.67% to trade at $1.27.

Why BTC and XRP Price Are Gaining After Historic Democrat Win

Bitcoin and XRP prices are trading in the green today after US polls closed due to easing uncertainty and bullish post-election bets.

In an earlier report, Grayscale had noted that the crypto industry will still move forward regardless of the outcome of the US midterm election. Per the digital asset manager, only 15 to 20% of the global crypto activity happens in the US.

Grayscale also notes that the bipartisan nature of crypto and the rising institutional interest may reduce the chances of a post-election dip.

“Elections can affect crypto on the margin, just like other asset classes. But the digital assets industry is bipartisan, global, and increasingly institutional, so we believe it will continue to move forward regardless of the outcome of the US midterms,” Grayscale said.

Bitmine chairman Tom Lee has also said that the election outcome is bullish for risk assets like Bitcoin and XRP because uncertainty around the event has now eased.

“I think post midterms, the market’s gonna rally broadly and very strongly… think this is the window where investors can buy things because the market is going generally risk off,” Lee said.

The futures market slightly supports these bullish bets, as hints of rising leverage begin to emerge.

Open Interest on Binance Spikes Post-Elections

Data from CoinGlass shows that Bitcoin’s open interest in Binance has increased from $10.77 billion on November 2 to $11.12 billion at the time of writing.

XRP has seen an even sharper rise in open interest, which has moved from $419 million on November 1 to $526 million at the time of writing. XRP’s OI on Binance is now at its highest since October 23.

The rising OI suggests that leverage around the two assets is increasing as traders become more willing to accommodate risk as the election uncertainty eases.

Bitcoin and XRP Price Prediction as Post Midterm Outlook Hints at Further Gains

Bitcoin price may gain further after the US midterm election based on the technical setup. BTC has bounced from a crucial support zone at $76,000, and in the process, it has created a double-bottomed pattern.

BTC price will confirm a bounce if it closes above the neckline at $78,600. That move could pave the way for a bullish leg towards $80,000.

The RSI line on the four-hour timeframe has risen to 55, suggesting that the momentum is shifting bullish. The CMF has also turned positive as buying pressure outpaces selling pressure. This also supports a bullish future Bitcoin outlook.

If BTC price can sustain this momentum, it will most likely gain now that the elections are over.

The XRP price chart also suggests that the momentum is shifting to favor bulls. The price is on a rising channel on the four-hour chart. It is also moving above the midline of that channel, which shows that the upward trend is gaining strength.

If XRP breaks above the upper resistance of this channel, it could target the 61.8% Fib of $1.34.

The MACD line has made a higher high above the zero line to show that bulls are regaining control. The AO bars are also green and growing in length, which also suggests that the momentum is now leaning bullish.

Hence, XRP price, like Bitcoin, could be facing a post-election gain as uncertainty eases and demand for risk assets returns.